Enterprise & FinanceEconomic system
03 February 2023, 6:03 pm. 1 minute
| Reuters was first to report that Indian refiners have begun paying for many of their Russian oil bought by way of Dubai-based merchants in United Arab Emirates dirhams as an alternative of U.S. {dollars}. Whereas Western sanctions in opposition to Moscow aren’t recognised by India, and purchases of Russian oil could in any case not violate them, banks and monetary establishments are cautious about clearing funds in order to not unwittingly fall foul of the numerous measures imposed in opposition to Russia following its invasion of Ukraine. |
Market Influence
Indian refiners and merchants are involved they could not be capable to proceed to settle trades in {dollars}, main merchants to hunt different strategies of cost, which might additionally support Russia’s efforts to de-dollarize its financial system in response to the Western sanctions.
Article Tags
Matters of Curiosity: Enterprise & FinanceEconomic system
Kind: Reuters Finest
Sectors: Enterprise & FinanceCommodities & PowerEconomic system & Coverage
Areas: AsiaEurope / Center East / Africa
Nations: IndiaRussiaUAE
Win Sorts: Exclusivity
Story Sorts: Unique / Scoop
Media Sorts: Textual content
Buyer Influence: Important Nationwide Story
